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Janet Wallach Education. (2012) 'The Richest Woman In America Hetty Green In the Guilded Age.'

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00:30:00

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San Francisco, CA, USA

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Channel 91 (627 MHz)

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mpeg2video

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ac3

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704

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480

TOPIC FREQUENCY

New York 3, Wales 3, America 3, Edward 2, Texas 2, London 2, Boston 2, England 2, Edward Cooley 1, Quayle 1, Andrew Carnegie 1, Warren Buffett 1, John Todd Andrlik 1, Hetty Robinson 1, Hetty 1, Bedford 1, Abraham Lincoln 1, Finance 1, United 1, Gandhi 1,
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  CSPAN    Book TV    Janet Wallach  Education.  (2012) 'The Richest  
   Woman In America Hetty Green In the Guilded Age.'  

    December 23, 2012
    8:30 - 9:00pm EST  

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of the act. with bill clinton chronicles how those merchants were celebrating and when the doors opened they had as ship ready to speed across the atlantic to tell the americans good news. [laughter] >> after the boston massacre there was a brief discussion should be sent a ship's captain? a bostonian said i will carry the report to london. they decided they could not afford it. the royal government sent their own report. so in 1775 that is why the massachusetts government was
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not willing to spend the money. they knew they could be skipped if they did not. >>. >> we will continue questions downstairs. also signings of the book. let's continue downstairs. for our panelists. robert, a tired, and john todd andrlik is a publisher of raglan did,
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>> it is always a treat to be in this store it is a wonderland. about five years ago a friend suggested that i share rightabout ms. green. [laughter] i said to? she was called the which up on wall street. she was interesting but
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finance and wall street? then it was 2008. and everything changed the stock market collapsed collapsed, real-estate prices plunged and we were in a financial panic i started to think more about ms. green and how she's survived ms. green and how she's survived many financial crisis. there were no diaries then i remember something that was said that nice girls keep diaries. bad girls do not have time last laugh and hetty green was bad. now with men but many.
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she was consumed with money. born in massachusetts 1834 to prosperous family of wailing merchants. in those days quayle will feel the houses and factories around the world and we'll parts reused for perfume, a paint buggy whips and just about everything in between. her family was extremely prosperous which was then the most prosperous town in america. it seemed they embodied american values. they were rich, upstanding citizens her father
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supported abraham lincoln. they were spiritual and were quakers within new england values of thrift to the point* of stinginess with her father and simplicity and plain living. to the quakers wealth was a sign of virtue and god's blessing so they were very blessed but her father really wanted a son. the first child was a girl. it was hetty. he became enraged and was furious. so much that her mother took to her bet. before she was two years old she was sent to live with her grandfather and her spinster aunt.
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she really wanted her father's love and do the only way to gain it was to earn it. because her father was an obsessed with money and he said so himself. her grandfather taught her to read the newspapers and the stock and bond places when she was a little girl. at the age of eight she opened her own account at a savings bank in town then sent off to the quaker boarding school taught about thrift, eat whatever is put before you, even if much and then if she did not she would be served it and tell it was all gone. and to respect for the poor
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girl's as their tuition paid for the other girls. and then she was sent to a fancy finishing school in boston where she was taught to to dance and to become a conversationalist and became a striking young woman then she had her debut in new york. she came back a few years later. nothing could out do the flurry of excitement that hetty encountered the fall of 1860. this city shimmered with the news as the prince of wales was coming. a group of leading citizens was organizing a ball. society trimmed their
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moustaches women spent hours and at 9:00 p.m. friday october 12th couples who had paid $10 apiece arrived at the academy of music. men with white ties and women with hoopskirt its with brocade, sat tin, lead tools, gave special nods to precisely at 10:00 p.m. the orchestra played god save the queen and the small prints stepped into the room. nearly 3,000 of new york's finest citizens rushed to meet him and with the rash the wooden floor collapsed. the band played furiously
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the aghast rushed to follow they had lobster salad, pat day and filled glasses with champagne. at 2:00 with their dance floor fixed eager females waited their turn for a dance and finally the young woman was tapped. stunning in her low cut white gown with pink and her arms covered with long white gloves with ostrich feathers, it hetty was introduced to the prince of wales. and she said i am the princess of wales. you are proof of that as all of his daughters are
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beautiful. then she found her way to the dow page the dance floor. it was edward cooley green over six-foot tall and 200 pounds and a self-made millionaire he asked hetty to mary ann and her father agreed on one condition. that edward signed a prenuptial that they would live off of edwards monday and hetty money was hers to protect and increase and pass on to the next generation. shortly after that her father died and left her $1 million. the $5 million estate, in 1865, was plucked in a trust.
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that hurt her deeply. she wanted to control her own money. then her aunt died. and then she would leave all of the many of $2 million to hetty behalf was left to the town of new bedford and the other half to hetty and it was plucked in trust. she was furious so she sued. the lawsuit went on for years and was a landmark case and hetty was litigious for life. surely after her and edward married and went to london and sold american railroad bond during the days of the boom and he sold them to european investors.
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hetty gave birth to two children. a son and daughter and she invested her money in the real road bond and the greenback. and boasted in one day she made $200,000 europe was booming minks were giving easy money at low interest rate and prices were rising and they were buying the bonds because they pay high interest rates. but the prices are so high they reached a level where nobody could afford them they could not buy the bonds of day with some of them.
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80 percent was on by the europeans. then they went into bankruptcy and the bank had to close. know more customers for the railroad bond edberg and hetty had to come back to america. this city had burgeoned with tense story buildings central part stretch north and a brownstone houses replaced the shanties and apartment houses appeared for the first time. the largest bookstore in the world, patrick's touched this guy the metropolitan museum of art opened in the museum of natural history. the exuberant spending was
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no different from the unfettered expansion from industrial on to procurers, promoters and real estate speculators. from 1873 the financial panic flat and the country into despair. does that sound familiar? and the stocks bounced up and down. many snowcats and ties were stung by their losses will be a few months before they breadbox briskly know they held on to their tall cats and worried about their jobs for even the lawyers were suddenly unemployed. shortly thereafter hetty put on her dark dress and cloak
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and put stocks and bonds in the car and went downtown to see the banker. she made her way past the custom house passed j. cut by 59 wall street she entered the offices of the banker for herself, her father before and has been. he made his services available for her. now when stocks were abandoned, said hetty wanted to trade. >> i need to get in at the bottom and out at the top when something goes cheap because nobody wants it i buy a lot and tucked it
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away. the decline in the market offered opportunity for the future. hetty invested by her husband and gambled. at one point* he crossed the red line when he used her money as collateral. when she had to pay for his mistake she sent him packing. hetty was a single working mother with two children. at the time there was constant articles how inferior women were with money, and at, and impossible to invest. also how hetty was mean, miserly, a terrible
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mother. with truth and new yclept days new england style she watched her pennies to the extreme. she would read a boarding house and would dress in old clothes, she taught her son and daughter as much as she could about business. girls should know about business and finance at the very least to be a better wife but also to have a career even if they did not need one. she believed that women were the equal of any man. the next 25 years in 1893 there was a bust. after a long recession a great boom the 1907, of
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great bust. every time it happened it was caused by greed and ego and over lending and overspending. as warren buffett said recently, a climate of fear is the investor's best friend. hetty was brave, courageous brave, courageous, kept a cool head. she worked hard and did her homework and knew her company. whenever buddy jumped overboard she would climb in to grab the yours. when everybody would rush to roche you would get off the boat. she took courage but she would sell when everyone was buying. by the time she died 1916 she had mortgages on 28 churches in chicago and houses and office buildings
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and mines from a vermont, new york, illinois, missouri, te xas, california. she would help the bank when times were bad. she was the largest individual lender to the new york city government. she lived in the gilded age when society lived lavishly but she rebelled the opulence. she loved her children and friends, lived a simple life. she was caring of those who befriended her and she would show great affection and would say because he does not know how rich i am. living her life as she deemed best to have a career and a mother to her clever
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investing she showed that women were the equal of any man with newspapers around the world they claimed her the queen up on wall street. and she was "the richest woman in america". there are a lot of sayings of her words of wisdom. she did have a good sense of humor. if you have any questions i would love to answer. >> do you have evidence. >> know. that they should have the right to vote. i found usually successful women like gertrude bell did not believe of women's suffrage, margaret thatcher
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did not, in zero gandhi they want to make their way in a man's world. >> eight to generalize there is a glass ceiling. when you get into the situation when you need a mentor or to get serious certain barrier, and nobody is there. >> yes. and being successful in a man's world. >> if she is so extraordinary why haven't we heard of her? >> she was so famous there
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were popular songs, plays written comment she was in the newspapers at least once a week or more. she had two children. but no grandchildren. so her name disappeared. no buildings named after her or institutions. that is why i think it has happened. but many have heard of her or parents would save do not be like hetty or we like hetty green. [laughter] >> what happened to her wealth? >> to her son and daughter then when they died was is debated among hundreds of errors because that was the original plan. and would be spread around the family distant cousins
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and not even know they were related her name was hetty robinson's that is where it went. >> her children run not famous? >> her son was well known. she asked him to buy a small branch of a bankrupt railroad in texas in the 1890's and turned it into the texas midland meadow road. the most successful in the state. then he went back to new bedford to build a new house on the family property to turn it into a center for radio technology, a meteorology and gave it to the united states government during world war ii.
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he had one of the greatest collections of coins and stamps. he made a mark. >> one of the things that strikes me about the gilded age, there were wealthy people who believed to give back to society like andrew carnegie. did she donates her money to public service? >> she never did it publicly. of she would not let any suggestion that she had better sun and others have said there were plenty of places and people she gave to. she felt she was hounded constantly getting letters. she tried to keep it as quiet as possible.
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there is no proof. because other people said it at the time, one very close friend of hers who was a greek catholic philanthropist, and she became, i think she got hetty to give some money to the church. >> how hard was this to research? >> it was difficult. no diaries, know journals, she wanted no trace of her signature. she was afraid, she was accused in the lawsuit with her aunt's estate of forging her aunt's signatures she was always afraid somebody before rehearsing mitscher. stage with her signature.
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there were constantly stories of interviews with her and interestingly enough headlines were negative but reporters to spend time with her appreciated her, admired her and enjoy her company. that was rewarding. the stories were syndicated all over the united states and the world. >>
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>> almost two years ago i decided it was time to write a fact based primer on a gay-rights for right of center voters for the subtitle of the book to challenge the religious right on its own turf and show that much of what they derisively called the gay agenda is consistent with fundamental republican and libertarian principles. and to show those center-right voters that not only are they not a voice in
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the wilderness represent a majority of rank-and-file voters. the first that i alluded to that many on the right don't understand that properly understood gay-rights are compatible with fundamental principles and the essence of the libertarian philosophy is one of louis and let live people are concerned with unalienable rights. the government does that give those rights depended on your religion, economic class, a gender, or theoretically your sexual orientation. that is the way it is supposed to be. some libertarians already get that who have a special obligation to te